• The company stressed that its net-zero goal will build upon its existing greenhouse gases (GHG) commitments that align with the Business Ambition for 1.5°C pledge;
• Mastercard is the first in the payments industry to gain Science Based Targets initiative (SBTi) approval for its GHG goals.

Mastercard announced on Tuesday it has pledged to reach net-zero emissions by 2050 with a global action plan that aims to continue to reduce greenhouse gases (GHG) by remaining focused on the decarbonization of its operations and bolstering its efforts to decarbonize its supply chains.

The company, first in the payments industry to gain Science Based Targets initiative (SBTi) approval for its GHG goals, stressed that its net-zero goal will build upon its existing GHG commitments that align with the Business Ambition for 1.5°C pledge.

READ ALSO: PayPal becomes first foreign firm in China with full ownership of payments business

“2021 is set to be a crucial year for climate action, and we believe the private sector has a vital role to play in the transition to a zero-carbon economy (…) in addition to improving our own environmental footprint, we’re driving systemic change through powerful coalitions and empowering our network of nearly 3-billion consumers to take collective action to preserve the environment,” said Kristina Kloberdanz, chief sustainability officer at Mastercard.

Mastercard says it is currently working towards its SBTi-approved goal to reduce total Scope 1 and 2 emissions by 38% and Scope 3 emissions by 20% by 2025 from a 2016 baseline. 

“These targets reflect a long-term commitment by the company to monitor and implement best practices to reduce emissions across the business, drive operational energy efficiency, and further engage suppliers in value chain decarbonization,” it stated. According to Mastercard, progress already made regarding such goals includes achieving 100% renewable electricity in 2020, reinforced by a commitment to RE100.